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Can a bank foreclosure on property where money is also owed to the government for nursing home costs if property is ever sold?
Wiki User
∙ 12y ago
Certainly. The bank has a lien on the property, and in most cases that lien takes precedent. In some situations, however, say in situations of unpaid taxes, no other creditor takes precedent. The IRS will be paid.
Wiki User
∙ 12y ago
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What if you win lottery and stop paying mortgage?
The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.The lender will take possession of your property by foreclosure. It will then sell the property and will pursue you in court for any deficiency and legal costs.
Can you move without making mortgage payments?
If you default on your mortgage the bank will take possession of the property by foreclosure, your credit will be ruined and you may be subject to additional costs. You should try discussing the matter with the lender and try to arrange a less lethal surrendering of the property.If you default on your mortgage the bank will take possession of the property by foreclosure, your credit will be ruined and you may be subject to additional costs. You should try discussing the matter with the lender and try to arrange a less lethal surrendering of the property.If you default on your mortgage the bank will take possession of the property by foreclosure, your credit will be ruined and you may be subject to additional costs. You should try discussing the matter with the lender and try to arrange a less lethal surrendering of the property.If you default on your mortgage the bank will take possession of the property by foreclosure, your credit will be ruined and you may be subject to additional costs. You should try discussing the matter with the lender and try to arrange a less lethal surrendering of the property.
Can I Transfer a mortgage in foreclosure to another name?
No. You have no authority to transfer a mortgage unless you are the lender. The lender can assign its rights under the mortgage to another lender. If you are the owner of the property transferring the property to another will violate the terms of the mortgage and may incur added expense to the foreclosure costs.
Can you do a voluntary foreclosure and can the bank come after you for any other fees or hidden costs or can the bank attach a lien to any other property such as vehicles or an existing paid for home?
Yes, you can submit to the lender a document called a deed of foreclosure. no
How will a Deed in lieu of foreclosure effect your credit?
If the bank is about to foreclose on your property, you may be able to make a deal with them. Instead, of have them having to hire a lawyer and pay him several hundred dollars an hour and go to court and pay court costs and have the sheriff sell your property on the court house steps, you will simply sign a quit claim deed. You will sell the bank your property for $10. You will not have a foreclosure on your record. The bank will not have to pay a lawyer and court costs. You will have a tremendous loss on your property and not give the bank a gift so the IRS can not claim you gave the bank a valuable piece of property. You move out without having the cops throw your property out on the street. You do not have any record of having a foreclosure on your credit record. There is no indication on any credit record that you are a deadbeat and did not pay your bills.
What are my rights as a secondary heir in my father's estate if his real estate goes into foreclosure?
The banks claim is superior to yours because your father conveyed the property to the bank when he granted the mortgage. You would be entitled to any surplus after the bank deducts its debt, costs and expenses of foreclosure.
In Real estate what does the term deed instead of foreclosure mean?
If the bank is about to foreclose on your property, you may be able to make a deal with them. Instead, of have them having to hire a lawyer and pay him several hundred dollars an hour and go to court and pay court costs and have the sheriff sell your property on the court house steps, you will simply sign a quit claim deed. You will sell the bank your property for $10. You will not have a foreclosure on your record. The bank will not have to pay a lawyer and court costs. You will have a tremendous loss on your property and not give the bank a gift so the IRS can not claim you gave the bank a valuable piece of property. You move out without having the cops throw your property out on the street.
Is Detroit property a common seller?
Detroit is a high seller in property because of low costs due to foreclosure. In more suburban areas the cost has double, but in rural areas there are more land plots and houses for non-inflated prices.
Can a homeowner just walk away from their home without a financial hardship?
No. The mortgage company will foreclose and take possession of the property and foreclosure costs are high. Those costs will be added to your debt. You may also have incurred property tax debt. These will be reported to your credit record. You should talk to your lender and try to negotiate a better outcome. You may be able to sign the property over to the lender by a deed in lieu of foreclosure. Walking away is the worst way to deal with the situation. Resolve it responsibly before you move on.
Can one be held liable for unpaid interest fees and other costs of a leader as well as principal balance due on a recourse loan after a foreclosure on the securing rental property?
One word answer: Yes
Can a house be foreclosed on in a person's name who is not on mortgage but property is quick claimed to them and they quick claim property back into estate of deceased person name before foreclosure?
A mortgage in default can be foreclosed no matter how many times you quitclaim it around the family. Every person who receives the property by a quitclaim deed takes it subject to the mortgage. You may slow down the process a little and add to the costs of the foreclosure but the foreclosure rides on the person who had title at the time of the mortgage. THEY gave an interest in the property to the bank in exchange for cash. If the cash was not paid back the bank is going to take possession of the property. Subsequent owners only need to be given notice of the proceeding.
Are you still liable for mortgage after foreclosure?
Only if the foreclosure is a court-ordered foreclosure.AnswerThe mortgage is extinguished by a foreclosure proceeding and sale but you may be liable for any deficiency and costs relating to the sale.
